Maple Group defends TMX plan; expects regulatory approval

The Canadian consortium said the presence of alternative trading options in North America will ensure competition

By

Dow Jones Newswires

Updated: May 17, 2011 12:19 pm GMT

A consortium of nine big Canadian banks and pension funds defended their C$3.6bn (€$2.6bn) bid for the operator of the country's flagship stock exchange amid concerns their plan could be offside with competition regulators.

The so-called Maple Group Acquisition Corp. on Sunday offered C$48 a share in cash and stock for TMX Group, which operates the Toronto Stock Exchange, in a made-in-Canada bid to create a national champion to thwart TMX's proposed merger with London Stock Exchange. The LSE offer for TMX is valued at C$41.80...